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Synopsis

A Delhi Court, on Tuesday, resumed hearing Aam Aadmi Party (AAP) Minister Satyendra Jain’s bail application, in a money laundering case registered against him.

After the Delhi High Court dismissed the plea moved by Jain challenging the decision of the trial court allowing the plea filed by ED for transfer of his bail application in a Money Laundering case. The Bail application is now being heard afresh by the Special Judge Vikas Dhull of the Rouse Avenue Court, Delhi.

During the hearing today, Special Public Prosecutor (SPP), N. K. Matta, filed an additional affidavit on behalf of the Directorate of Enforcement (ED) before the court, showing the conduct of the three accused namely, Satyendra Jain, Ankush Jain, and Vaibhav Jain the Jail. Matta alleged that the three accused are hampering the investigation, and that Ankush and Vaibhav are helping Jain. He also contended that Jain is controlling everything from the inside.

On the other hand, Advocate Sushil Gupta appearing for Ankush Jain and Vaibhav Jain submitted that the affidavit can be placed on record, and began making his arguments before the court. He contended that as per the inquiry of the ED, 1/3rd of the shareholdings are associated with Satyendra Jain.

While referring to the Enforcement Case Information Report (ECIR) and Central Bureau of Investigation (CBI) charge sheet, Gupta stated that they have made a “notional value” that 1/3rd of the shareholdings are Jain’s, and that Ankush and Vaibhav are Benami shareholders to it.

He argued that there are ‘no proceeds of crime’ in the case and informed the court that the CBI did not bring in any conspiracy after its investigation, it is the ED that has alleged ‘conspiracy is hatched’. Gupta further argued that the entire process of ED while stating the proceeds of crime is “Faulty”. He stated that the ED is making “Mountains out of small moles”.

During the hearing, Gupta informed the court that as per the directions the bail application is to be heard and disposed of in 10 working days.

Taking note of the above fact, the court adjourned the matter and listed it for tomorrow i.e. October 19, 2022, for further hearing.

The bail application filed by Satyendra Jain pertains to his arrest in a Money Laundering case in which he was arrested by the Enforcement Directorate on May 31, 2022.

In April, ED attached assets worth Rs. 4.81 crores linked to Jain and his family. ED initiated an investigation based on an FIR registered by the Central Bureau of Investigation (CBI) against Jain and others under relevant sections of the Indian Penal Code and the Prevention of Corruption Act.

It is alleged that when Jain was a public servant, companies owned and controlled by him received up to Rs. 4.81 crores from shell companies through the Hawala network.

Case Title: Directorate of Enforcement v. Satyendar Kumar Jain and Ors.